Financing of education in the United States: loans for MBA students

One of the main problems faced by all candidates for the MBA program, - a payment of business school. Cost varies American programs and elite business schools can exceed $ 120,000.

Do not forget about the additional spending: spending on accommodation (if you are doing, for example, in one of the schools in New York or Boston), for textbooks, computers, software, educational travel and administrative fees, which are usually not included in the course fee . This MBA student leaves the labor market for almost two years
For American candidates this problem is completely solved, at least until their credit history does not cause problems. In the end, the US banks, even in the current strained economic conditions know that investment in MBA students will pay off when they return to work.

But if US citizens can get a federal loan program through the Federal Graduate PLUS Program US Department of Education, the international students account for much more complicated. During growth they can get a loan to study for an MBA program without a US citizen co-signer, but since 2011 it has become almost impossible. +

However, the US remains the world's main area of ​​business education. So, unless you do not plan to pay for their studies from their own savings or were not one of the lucky few who managed to convince the employer to pay for your training, you will have to consider other existing financing possibilities. +

Help business schools

First of all, ask for help in a business school. Maybe she could get a loan for MBA students, or even act as your guarantor in the private bank. +

"The Duke MBA loan program, foreign students take part on the same terms and conditions as the students from the United States - said Mellon Alexis (Alexis Mellon), Regional Director for Europe at the Fuqua School of Business at Duke University. - The University is a guarantor, so that all students enrolled in our MBA program, will automatically be entitled to participate in the loan program, which covers up to 100% of tuition fees. So we protect the interests of our international students and offer them the same opportunities as the Americans. " +

Paul Danos (Paul Danos), dean of the Tuck Business School at Dartmouth University, said that "financing will not be an obstacle to the student, appropriate school." In the end, the MBA programs need to learn the gifted students who are fully concentrated on their studies and not worry that they can not continue their studies due to financial problems.

Funding for the MBA program in the country

"Although the majority of US and Canadian schools offer financial aid or scholarships to foreign students, you can not get a US visa to stay in the country for the training, if you do not have a certain amount - says Andrew Scarfe (Andrew Scharf), the head and founder of Whitefield Consulting Worldwide. - Most Europeans take loans from banks in their countries. If you are enrolled in a leading business school, many banks are willing to lend you money, as investments in MBA students are well compensated "

Although students who are not US citizens are not eligible for federal aid, there are other ways of financing education - adds Vegoner Liz (Liz Wagoner), assistant head of the selection committee Boston University School of Management. - In Boston, there are incentive grants for all students, regardless of the country. Last year, 73% received a scholarship set in one form or another, this is a wonderful way for foreigners to invest in training. " +

Guarantors may become potential employers, so if you know where you work at the end of the program, try to contact them. +

MBA Student Loan Program

At the end of 2009, Deutsche Bank has introduced an innovative lending program Affiliated Loan Program for Students (ALPS), which offers loans to MBA students of partner schools. The uniqueness of this program is that participants do not need a guarantor, a citizen of the United States. Check before applying, not whether your school has signed a partnership agreement with Deutsche. +

However, even if the student was able to get a loan, based on current interest rates, it will have to refund twice as much, which makes investment in the MBA degree is much higher, and investment turnover rate is much lower than a few years ago. +

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